2015 07-29 - Yara International ASA Q2 2015 Report

Yara second quarter 2015 1

• Strong result driven by increased deliveries

• Continued benefit from lower gas prices and stronger US dollar

• Positive start to the new fertilizer season in Europe

• Continued growth for premium fertilizer products in Latin America and Asia

• Industrial deliveries up 9% driven by AdBlue and process chemicals in Europe

0.00

0.05

0.10

0.15

0.20

2Q151Q154Q143Q142Q141Q144Q13

Percent

0

2

4

6

8

10

12

2Q151Q154Q143Q142Q141Q144Q13

NOK

0

1,000

2,000

3,000

4,000

5,000

6,000

2Q151Q154Q143Q142Q141Q144Q13

NOK millions

Debt/equity ratioEBITDA Earnings per share

Second quarter and half year report 2015

Yara International ASA

Yara second quarter 20152

Second quarter 2015

Yara’s second-quarter net income after non-controlling interests was NOK

2,916 million, compared with NOK 2,285 million a year earlier. Exclud-

ing net foreign exchange gain/(loss) and special items, the result was

NOK 2,637 million, compared with NOK 2,142 million in second quarter

2014. The corresponding earnings per share were NOK 9.58 compared

with NOK 7.74 a year earlier.

“Yara reports strong second-quarter results with higher deliveries and

improved margins, reflecting continued lower natural gas cost in Europe

and a stronger US dollar,” said Torgeir Kvidal, acting Chief Executive

Officer of Yara.

“Sales of our premium products continue to grow in Latin America

and Asia, reflecting both the acquisition of OFD and continued organic

growth“ said Torgeir Kvidal.

FERTILIZER MARKET CONDITIONS

A third consecutive strong grain harvest is expected for the 2015/16 ag-

ricultural year (July-June), but global grain ending stocks are still expected

to decrease by 2 days of consumption, to 78 days, according to the

latest US Department of Agriculture (USDA) forecast, as consumption

continues to grow. The strong harvests have resulted in lower prices for

several key crops, when measured in US dollars. The Food and Agricul-

Financial highlights

NOK millions, except where indicated otherwise 2Q 2015 2Q 2014 1H 2015 1H 2014

Revenue and other income 27,929 23,309 55,697 45,018

Operating income 3,556 2,849 7,546 5,117

Share net income equity-accounted investees 152 171 (487) 362

EBITDA 5,179 4,227 9,973 7,818

EBITDA excl. special items 5,055 4,185 10,797 8,015

Net income after non-controlling interests 2,916 2,285 3,645 4,058

Earnings per share 1) 10.59 8.26 13.24 14.66

Earnings per share excl. currency 1) 9.83 7.91 16.95 14.16

Earnings per share excl. currency and special items 1) 9.58 7.74 20.08 14.77

Average number of shares outstanding (millions) 275.3 276.5 275.4 276.8

CROGI (12-month rolling average) 2) 13.2 % 11.6 %

ROCE (12-month rolling average) 12.8 % 11.0 %

1) NOK per share. Yara currently has no share-based compensation programs that result in a dilutive effect on EPS.2) Second-quarter 2015 CROGI excl. special items annualized 13.4%.

Key statistics

Average prices 2Q 2015 2Q 2014 1H 2015 1H 2014

Urea prilled (fob Black Sea) USD per ton 277 299 286 319

CAN (cif Germany) USD per ton 273 354 284 349

Ammonia (fob Black Sea) USD per ton 393 485 403 462

DAP (fob US Gulf) USD per ton 469 461 476 468

Phosphate rock (fob Morocco) USD per ton 122 120 123 117

European gas (TTF) USD per MMBtu 6.8 7.6 6.9 8.7

US gas (Henry Hub) USD per MMBtu 2.7 4.6 2.8 4.9

Yara's gas & oil cost (weighted average) 1) USD per MMBtu 5.7 6.9 5.9 7.5

Yara's European gas & oil cost (weighted average) 1) USD per MMBtu 7.5 9.2 7.5 10.3

USD/NOK currency rate 7.75 5.98 7.75 6.04

Production (Thousand tons) 1)

Ammonia 1,817 1,774 3,817 3,495

Finished fertilizer and industrial products, excl. bulk blends 4,791 4,529 9,980 9,189

Total 6,609 6,303 13,798 12,684

Sales (Thousand tons)

Ammonia trade 547 622 1,149 1,069

Fertilizer 6,894 6,496 13,456 12,884

Industrial products 1,818 1,665 3,518 3,202

Total 9,259 8,783 18,123 17,156

1) Including Yara’s share in equity-accounted investees.


ture Organization of the United Nations (FAO) food price index was down

21% on second quarter 2014 (19% below the five-year average), while its

cereal price index was down 21% (24% below the five-year average). In

July, grain prices have increased, due to increased supply concerns, linked

to growing conditions in some key agricultural areas.

As the US dollar has strengthened against most relevant currencies,

the price developments have been significantly less negative in many

key producing regions outside the US, including Europe and Brazil. On

average for the second quarter compared with a year earlier, the Euro

depreciated 19% versus the US dollar, while the Brazilian Real has depre-

ciated by 38%.

Although US dollar denominated crop prices are lower than a year ago,

they are still supportive for fertilizer use, and global fertilizer demand

is growing. Demand for higher quality fertilizers like nitrates and NPK

compounds remains strong.

Prilled urea prices fob Black Sea averaged USD 277 per ton for the

quarter, down 7% on the same quarter last year, but with increasing

prices through the quarter. Global nitrogen demand remains strong, but

the market has not been fully able to absorb the significant increases in

Chinese urea exports. For July through May, China exported 15.5 million

tons urea, up from 10.8 million tons last season. The price rebound

during the quarter is also largely explained by China, as the domestic

market tightened due to the surge in exports, and export prices increased

as a consequence of higher domestic prices. During April and May, China

exported 1.7 million tons urea, down from 1.9 million tons same months

last year. Production losses in Ukraine and Egypt continued due to politi-

cal turmoil and gas supply problems, but were not sufficient to offset the

year-to-date increase in Chinese exports.

Global ammonia demand has been slow during the quarter, with prices

stable at just below USD 400 per ton fob Black Sea, almost 20% lower

than second quarter last year.

The global phosphate market remained tight, with stable prices from first

quarter, supported by strong import demand from India. The average

DAP price fob US Gulf was USD 469 per ton, similar to a year earlier, as

well as first quarter this year.

Phosphate rock prices were stable as well. Upgrading margins from

rock to DAP were higher than same quarter last year, due to lower

ammonia prices.

REGIONAL MARKET DEVELOPMENTS

Second-quarter nitrogen fertilizer deliveries in Western Europe were

down 5% on a year earlier, with imports down 6%. Season-to-date

deliveries were down 2%, but in line with the five-year average. Granular

urea premiums were lower than second quarter last year, explaining the

relatively stronger drop in nitrate prices than for prilled urea.

Second-quarter US nitrogen deliveries are estimated to be similar to last

year. Season-to-date deliveries are estimated to be 5% higher than the

previous season, driven primarily by increased urea imports. Some of

the additional nitrogen was consumed already last summer, due to the

late season last year. Roughly two-thirds of the additional nitrogen was

supplied during third quarter 2014.

In India, urea sales at the start of this season (April through June) were

9% higher than a year earlier, with a strong start to the monsoon. Given

a marginal increase in urea production, the need for imported urea has

increased.

For April and May, urea production in China was 6% higher than a year

earlier, with season-to-date production only 2% higher. Despite improved

domestic urea prices in May and June due to the surge in exports, poor

margins for the highest cost anthracite-based producers resulted in

continued production curtailments, and natural gas based producers were

unable to run at capacity due to supply limitations and increasing prices.

Stable production and stronger exports this season have tightened the

Chinese market, reducing urea inventories and increasing prices. The

average domestic urea price for second quarter was 8% higher than a

year earlier.

In Brazil, second-quarter fertilizer deliveries were 6.1 million tons, 14%

lower than a year earlier. Year-to-date deliveries are down 10% on last

year. Year-to-date imports of all fertilizer dropped by 13%, as in addition

to lower sales, domestic production was up 5%, and industry stocks at

the end of December was 13% higher than a year earlier. Second-quarter

urea imports were 0.5 million tons, down from 0.9 million tons a year

earlier. Year-to-date imports were 1.2 million tons, down from 1.8 million

tons last year.

Variance analysis second quarter

NOK millions 2Q 2015

EBITDA 2015 5,179

EBITDA 2014 4,227

Variance EBITDA 952

Volume & mix 429

Price/margin (294)

of which gas & oil costs in Europe 588

Special items 83

Other (516)

Translation NOK vs. USD 1) 1,251

Total variance explained 952

1) Based on average NOK per USD for the quarter 2015: 7.75 (2014: 5.98)

Yara delivered strong second-quarter results, with EBITDA excluding

special items up 21% compared with a year earlier, mainly driven by a

stronger US dollar and higher sales volumes as a result of the OFD and

Galvani acquisitions.

The volume, margin and other variances presented in the Yara variance

table include effects generated by performance in equity-accounted

investees. Net income from equity-accounted investees decreased by

NOK 19 million compared with second quarter 2014, mainly reflecting

less ammonia sales in Lifeco.

Volume development

Global Yara fertilizer deliveries were up 6% from second quarter 2014,

mainly due to the acquisition of OFD in Latin America and Galvani in

Brazil. Excluding OFD and Galvani, deliveries were down 2%.

In Europe, fertilizer deliveries were in line with last year, with strong

nitrate volumes offsetting lower NPK deliveries. Nitrate deliveries were

up 14% driven by higher June deliveries compared with last year.


The Brazil fertilizer market was slow during second quarter, and Yara

deliveries were 24% lower compared with last year, excluding the new

volumes from the Galvani acquisition. While the commodity product

sales decreased, compound NPK and nitrate deliveries improved com-

pared with last year. Yara deliveries in the rest of Latin America were 587

kilotons compared with 296 kilotons in second quarter 2014, mainly due

to the OFD acquisition.

Fertilizer deliveries in Asia, North America and Africa were up 22%.

Industrial sales volumes increased 9% compared with second quarter

2014. AdBlue deliveries (automotive NOX abatement) were up 30% due

to strong sales in most regions, particularly in the US and France. Pro-

cess chemical deliveries were up 14% resulting from increased ammonia

and nitric acid sales in Europe, and additional volumes following the

Galvani acquisition in Brazil. Industrial nitrate deliveries were 3% ahead

of last year. Technical ammonium nitrate (TAN) sales volumes were 6%

lower due to lower demand from the mining industry.

Ammonia production was up 2% on last year reflecting higher production

in the Porsgrunn plant and the inclusion of the Cartagena plant (OFD) in

Colombia. The Brunsbüttel plant is currently out of operation following a

fire on 10 June, with production expected to resume late July and reach

full capacity in August. The Lifeco plant in Libya continued to produce at

less than 50% capacity due to gas supply curtailment.

Finished fertilizer production was 6% above second quarter 2014, with

the inclusion of the Cartagena plant and the Galvani plants in Brazil

contributing 5 percentage points of the increase. CN production increased

19% mainly as a result of de-bottlenecking of the Porsgrunn plant. Urea

production increased 10%, with the Sluiskil plant as a main contributor.

Nitrate production increased 2%, while NPK production was in line with

last year.

Yara stocks are up 20% compared with last year, excluding OFD and Gal-

vani stocks increased 6% compared to 2014.

Margin development

Yara’s average European gas and oil-linked cost was 19% below second

quarter 2014 on a USD per MMBtu basis, slightly above Yara’s guiding.

The decrease reflected the lower spot prices for gas and particularly for

oil-linked prices. Yara’s global average gas and oil cost decreased 17%.

Ammonia market prices decreased by 19%, while Yara’s average realized

urea prices decreased 12%. Realized nitrate prices were down 20%

compared to second quarter 2014 when new season prices came into

effect later in the quarter. Compound NPK prices decreased on average

8%. NPK blend margins were 10% down in Brazil but this was more than

compansated by higher blend margins in other markets.

Industrial margins were down compared with second quarter 2014, with

technical ammonium nitrate (TAN) margins significantly lower due to the

continued slow-down in the mining sector. Margins for other industrial

applications sold in the European markets were impacted by a stronger

US dollar, while elsewhere an increasing share of applications are sold in

US dollars. Industrial nitrates and CO2 margins increased due to custom-

er portfolio improvements.

Other Items

Net special items were a positive NOK 124 million, mainly reflecting the

sale of energy efficiency certificates in Italy and an insurance compensa-

tion related to the Tertre plant. OFD integration costs amounted to NOK

33 million, and a further NOK 30 million is expected in the third quarter.

Second-quarter 2014 special items were a net positive NOK 42 million.

For further details on special items see pages 11 and 12.

The major part of the “Other” variance is related to increased fixed costs,

primarily due to the inclusion of OFD in Latin America and Galvani in

Brazil and other growth related activities.

The US dollar was approximately 30% stronger versus the Norwegian

krone compared with second quarter 2014, resulting in a NOK 1,251

million positive translation effect in Yara’s results.


Yara variance analysis first half

NOK millions 1H 2015

EBITDA 2015 9,973

EBITDA 2014 7,818

Variance EBITDA 2,156

Volume & mix 745

Price/margin 795

of which gas & oil costs in Europe 1,902

Special items (627)

Other (1,031)

Translation NOK vs. USD 1) 2,274

Total variance explained 2,156

1) Based on quarterly average NOK per USD rates as detailed in Yara 2015 reports.

Yara delivered strong first-half results, with EBITDA excluding special

items up 35% compared with a year earlier.

The volume, margin and other variances presented in the Yara variance

table include effects generated by performance in equity-accounted

investees. Net income from equity-accounted investees decreased by

NOK 849 million compared with first half 2014, mainly reflecting the

write-down of the value of the Lifeco investment in first-quarter 2015.

Volume development

Global Yara fertilizer deliveries were up 4% from first half 2014, mainly

due to the acquisition of OFD in Latin America and Galvani in Brazil.

Excluding OFD and Galvani, deliveries were down 2%.

In Europe, fertilizer deliveries were slightly below last year, with strong

nitrate deliveries partly offsetting lower NPK sales. Nitrate deliveries

were up 7% with dry weather favoring nitrate application, while last year

Yara experienced nitrate supply constraints in the first half.

First half 2015 was slow in Brazil and Yara deliveries declined 16%

excluding Galvani. Lower commodity product deliveries were partly

offset by higher sales of nitrate and compound NPKs compared to a year

earlier. Yara deliveries in the rest of Latin America were 1,025 kilotons

compared with 501 kilotons in 2014, mainly due to the OFD acquisition.

Fertilizer deliveries in Asia, North America and Africa were up 12%.

Industrial sales volumes increased by 10% compared with first half 2014.

AdBlue deliveries were 34% ahead of last year, with significant growth in

the US and a continued increase also in Europe. Process chemicals de-

liveries were up 15% with increased ammonia and technical urea sales in

Europe and new volumes from the Galvani acquisition in Brazil. Station-

ary NOX abatement and industrial nitrate deliveries were both 2% ahead

of last year. Technical ammonium nitrate (TAN) sales volumes were 8%

lower due to lower consumption by the mining industry.

Yara’s ammonia production increased 9% compared with first half 2014

mainly due to improved reliability, but also due to production losses last

year linked to a fire in the Tertre plant and a militia group blockade in

Lifeco.

Finished fertilizer production saw a 9% increase compared with a year

earlier. The inclusion of the acquired Cartagena plant (OFD) in Colombia

and the Galvani plants in Brazil contributed 5 percentage points of the

increase. The main improvements were in urea and nitrate production

which increased 11% and 5%, respectively.

Compound NPK production was up 4%, while CN production saw a 15%

increase, due to de-bottlenecking in Porsgrunn and the inclusion of OFD

volumes.

Margin development

Yara’s average European gas and oil-linked cost decreased by 27%

compared with first half 2014, reflecting lower spot prices for gas and

in particular oil-linked products in Europe. The 22% decrease in Yara’s

global average gas and oil cost reflects decreases in both European spot

prices and ammonia-linked gas costs outside Europe.

Ammonia market prices were 13% lower compared with 2014, while

Yara’s average realized urea prices were 11% lower. Realized nitrate prices

were 12% lower and NPK compound prices decreased 5%. Blend margins

were 16% below last year due to a slow market in Brazil.

Industrial margins were slightly lower compared with first half 2014.

Technical ammonium nitrate (TAN) margins were significantly lower

due to the slow-down in the mining sector. AdBlue, technical ammonia

and urea margins in Europe were slightly lower than last year due the

stronger US dollar. Margins for stationary NOX abatement, CO2 and

industrial nitrates products improved due to targeting of higher value

segments. Technology margins improved due to portfolio mix as a result

of acquisitions last year.

Other Items

Net special items for first half 2015 were a negative NOK 824 million,

mainly reflecting the NOK 929 million write-down related to the Lifeco

plant. Net special items for first half 2014 were a negative NOK 197

million. For further details on special items see pages 11 and 12.

The major part of the “Other” variance is related to increased fixed costs,

primarily due to the inclusion of OFD in Latin America and Galvani in

Brazil and other growth related activities.

The US dollar was on average approximately 28% stronger versus the

Norwegian krone compared with first half 2014, resulting in a positive

translation effect of NOK 2,274 million in Yara’s results.


Production volumes 1)

Thousand tons 2Q 2015 2Q 2014 1H 2015 1H 2014

Ammonia 1,817 1,774 3,817 3,495

of which equity-accounted investees 353 306 710 614

Urea 1,321 1,205 2,629 2,373


Nitrate 1,496 1,465 3,134 2,985


NPK 1,120 1,117 2,455 2,365


CN 373 312 737 642

UAN 223 227 498 485

SSP-based fertilizer 259 202 529 339

Total production 1) 6,609 6,303 13,798 12,684

1) Including Yara share of production in equity-accounted investees.

Sales volumes


Ammonia 732 827 1,545 1,382

of which industrial products 1) 165 167 365 338

Urea 1,960 1,758 3,773 3,381

of which fertilizer 1,473 1,331 2,847 2,577

of which Yara-produced fertilizer 571 544 1,091 1,083

of which Yara-produced industrial products 2) 401 328 780 618

of which equity-accounted investees 636 647 1,178 1,219

Nitrate 1,417 1,304 3,180 3,059

of which fertilizer 1,240 1,119 2,835 2,688

of which Yara-produced fertilizer 1,108 1,040 2,555 2,497

of which Yara-produced industrial products 137 147 257 295

NPK 2,127 2,475 4,309 4,795

of which Yara-produced compounds 1,059 1,022 2,325 2,373

of which Yara-produced blends 986 1,360 1,754 2,218

CN 408 377 763 734

of which fertilizer 327 295 604 574

of which Yara-produced fertilizer 320 287 593 563

of which Yara-produced industrial products 75 75 146 147

UAN 438 407 856 825

of which Yara-produced fertilizer 331 342 662 736

DAP/MAP 355 186 550 334

MOP/SOP 333 313 482 435

Other products 1,490 1,137 2,665 2,117

of which industrial products 907 803 1,723 1,529

Total sales 9,259 8,783 18,123 17,156

1) 82% ammonia equivalents.2) 46% urea equivalents.

Fertilizer volumes by region


Europe 2,203 2,183 5,211 5,293

Latin America 2,462 2,492 4,310 4,077

North America 1,031 954 1,932 1,880

Asia 683 537 1,103 1,019

Africa 515 329 900 615

Total 6,894 6,496 13,456 12,884

For a description of the key global fertilizer products, see the Yara Fertilizer Industry Handbook:http://www.yara.com/investor relations/report presentations/index.aspx


Second-quarter net financial income was NOK 243 million compared

with NOK 74 million in 2014. The variance primarily reflects a net foreign

exchange gain of NOK 342 million this quarter, compared with NOK 124

million in the same quarter last year.

Interest income from customers increased with NOK 20 million com-

pared with second quarter 2014, while other interest income decreased

with NOK 6 million. Average cash deposits were NOK 2 billion lower

than last year.

Interest expense was around the same level as last year. The effect of

the gross debt level being NOK 3.8 billion higher was offset by lower

interest rates compared with last year’s portfolio and by capitalization of

interest attributed to expansion projects.

The net foreign exchange gain this quarter was NOK 342 million as

the US dollar depreciated 4% against the euro and 3% against both the

Norwegian krone and the Brazilian real.

Yara’s US dollar debt generating currency effects in the income statement

was approximately USD 1,500 million at the start of the third quarter

2015, with the exposure mainly towards the Brazilian real and other

emerging market currencies.

First-half net financial expense was NOK 1,813 million compared with

a net financial income of NOK 22 million last year. The variance is

primarily explained by the foreign exchange loss this year as the USD has

appreciated around 8% against the euro and 17% against the Brazilian

real. The loss this year also includes NOK 142 million related to internal

currency positions, while last year’s figure included a gain of NOK 115

million related to such positions.

Tax

Second-quarter provisions for current and deferred taxes were NOK 943

million, approximately 24% of income before tax.

Financial items

NOK millions 2Q 2015 2Q 2014 1H 2015 1H 2014

Interest income from customers 92 72 203 145

Interest income, other 26 32 40 69

Dividends and net gain/(loss) on securities 9 66 9 66

Interest income and other financial income 128 170 252 280

Interest expense (178) (182) (421) (373)

Net interest expense on net pension liability (19) (16) (39) (33)

Net foreign exchange gain/(loss) 342 124 (1,490) 202

Other (29) (21) (114) (53)

Interest expense and foreign exchange gain/(loss) 115 (96) (2,065) (257)

Net financial income/(expense) 243 74 (1,813) 22


Net interest-bearing debt

NOK millions 2Q 2015 1H 2015

Net interest-bearing debt at beginning of period (8,985) (11,808)

Cash earnings 1) 3,651 8,544

Dividends received from equity-accounted investees 11 459

Net operating capital change (186) (820)

Investments (net) (1,765) (3,760)

Yara dividend (3,396) (3,396)

Foreign exchange gain/(loss) 342 (1,490)

Other (142) 1,800

of which foreign exchange adjustment 2) (176) 1,119

Net interest-bearing debt at end of period (10,471) (10,471)

1) Operating income plus depreciation and amortization, minus tax paid, net gain/(loss) on disposals, net interest expense and bank charges. 2) The currency effect included in «Other» is an adjustment from the currency gain/(loss) in the income statement to the currency impact on net interest bearing debt. The adjustment is mainly explained by

applied hedge accounting for net investments in USD, the translation effect when consolidating net interest bearing debt to the presentation currency NOK and internal currency positions that are not related to net interest bearing debt.

As a supplement to the consolidated statement of cash flows (page 18),

this table highlights the key factors behind the development in net

interest-bearing debt.

Net interest-bearing debt ended at NOK 10,471 million in the second

quarter, compared with NOK 8,985 million at the end of the first quarter

2015. Strong cash earnings were more than consumed by cash outflows

from investments and payment of Yara dividend of NOK 3,396 million.

The investment activity for the quarter mainly reflects planned mainte-

nance programs and growth investments, including investment in Yara

Pilbara Nitrates joint venture TAN plant construction of NOK 161 million,

Freeport ammonia plant (joint venture with BASF) of NOK 147 million and

expansion of Yara’s plant in Porsgrunn of NOK 108 million.

The debt/equity ratio at the end of second quarter 2015, calculated as net

interest-bearing debt divided by shareholders’ equity plus non-controlling

interests, was 0.15 compared with 0.13 at the end of first quarter 2015.

First-half net interest-bearing debt decreased by NOK 1,337 million,

mainly reflecting cash earnings and positive currency effect, offset by Yara

dividend payment and investments.


Outlook

Despite a third consecutive strong grain harvest, the US Department of

Agriculture forecast global grain stocks to decrease as consumption contin-

ues to grow. Furthermore, incentives for fertilizer application have recently

improved as grain prices increased on concerns about adverse growing

conditions in key producing regions. Medium term, key producing regions

like Europe and Brazil will also benefit from the strong US dollar.

The European season has started well, supported by higher commodity

nitrogen prices and competitive new season nitrate prices. Producers have

been able to increase nitrate prices several times, and Yara enters the third

quarter with a healthy European order book, especially for nitrates.

In Brazil, year-to-date June sales are 10% lower than last year, however a

significant part of the drop is linked to delayed purchasing, partially due to

lack of credit. A pickup in deliveries is therefore expected in the second half

of 2015, which is the main application period in Brazil.

Demand for higher quality fertilizers like nitrates and NPK continue to grow

in Asia and Latin America where Yara targets higher value crop segments.

With continued strong global nitrogen demand and supply reductions in

traditional key export markets like Ukraine and Egypt, the dependence on

Chinese urea exports has increased significantly the last year. The planned

capacity additions outside China over the next years will not fully displace

Chinese urea exports, indicating that the latter will continue to be key to

global nitrogen pricing also going forward.

Poor margins for the highest cost anthracite-based producers in China

has resulted in significant production curtailments offsetting the impact

of capacity additions. While production has been stable, higher exports

have reduced domestic availability as inventories have been taken down

supporting both domestic prices in China and global pricing. Going forward,

production costs in China and the Chinese currency will be key for global

pricing of commodity nitrogen.

Closing of the sale of Yara’s 50% stake in GrowHow UK will be on 31 July

2015 and will result in a tax free gain of approximately NOK 3 billion.

A weaker euro and lower gas prices have improved the relative competi-

tiveness of European fertilizer capacity. Based on current forward markets

for oil products and natural gas (13 July) Yara’s European energy costs for

the third and fourth quarter 2015 are expected to be NOK 50 million and

NOK 350 million lower respectively than a year earlier. The estimates may

change considerably depending on future energy prices.


Risk and uncertainty

Related parties

As described in Yara’s Annual Report for 2014 Yara’s total risk exposure

is analyzed and evaluated at group level. Risk evaluations are integrated

in all business activities both at group and business unit level, increasing

Yara’s ability to take advantage of business opportunities. Yara’s most

important market risk is related to the margin between nitrogen fertiliz-

er prices and natural gas prices. Although there is a positive long-term

correlation between these prices, margins are influenced by the supply/

demand balance for food relative to energy. Yara has in place a system for

credit and currency risk management with defined limits for exposure both

at country, customer and currency level. Yara’s geographically diversified

portfolio reduces the overall credit and currency risk of the Group. As the

fertilizer business is essentially a US dollar business, with both revenues

and raw material costs mainly priced in US dollars, Yara seeks to keep

most of its debt in US dollars to reduce its overall US dollar currency

exposure. There has not been any significant change in the risk exposures

and the risks and uncertainties for the remaining six months of the year are

described in Outlook.

Note 34 in the annual report for 2014 provides details of related parties. During the first half of 2015 there have not been any changes or transactions

that significantly impact the group’s financial position or result for the period.

Leif TeksumChairperson

Maria Moræus Hanssen Vice chair

John Thuestad Board member

Hilde BakkenBoard member

The Board of Directors and Chief Executive OfficerYara International ASA

Oslo, 20 July 2015

Geir O. Sundbø Board member

Geir Isaksen Board member

Rune BrattebergBoard member

Guro MausetBoard member

Torgeir KvidalPresident and CEO (acting)


Definitions and variance analysis

The fertilizer season in West Europe referred to in this discussion starts 1

July and ends 30 June.

Several of Yara’s purchase and sales contracts for commodities are, or have

embedded terms and conditions which under IFRS are, accounted for as

derivatives. The derivative elements of these contracts are presented

under “Commodity-based derivatives gain/(loss)” in the condensed con-

solidated interim statement of income, and are referenced in the variance

analysis (see below) as “Special items”.

“Other and eliminations” consists mainly of cross-segment eliminations,

in addition to Yara’s headquarter costs. Profits on sales from Upstream to

Downstream and Industrial are not recognized in the consolidated Yara

condensed consolidated interim statement of income before the products

are sold to external customers. These internal profits are eliminated in

“Other and eliminations”.

Changes in “Other and eliminations” EBITDA therefore usually reflect

changes in Upstream-sourced stock (volumes) held by Downstream and

Industrial, but can also be affected by changes in Upstream margins on

products sold to Downstream and Industrial, as transfer prices move in

line with arms-length market prices. With all other variables held constant,

higher stocks would result in a higher (negative) elimination effect in Yara’s

results, as would higher Upstream margins. Over time these effects tend

to even out, to the extent that stock levels and margins normalize.

In the discussion of operating results, Yara refers to certain non-GAAP

financial measures including EBITDA and CROGI. Yara’s management

makes regular use of these measures to evaluate the performance, both in

absolute terms and comparatively from period to period. These measures

are viewed by management as providing a better understanding - both for

management and for investors – of the underlying operating

results of the business segments for the period under evaluation. Yara

manages long-term debt and taxes on a group basis. Therefore, net

income is discussed only for the Group as a whole.

Yara’s management model, referred to as Value Based Management,

reflects management’s focus on cash flow-based performance indicators.

EBITDA, which Yara defines as income/(loss) before tax, interest expense,

foreign exchange gains/losses, depreciation, amortization and write-downs,

is an approximation of cash flow from operating activities before tax and

net operating capital changes. EBITDA is a measure that in addition to

operating income, also includes interest income, other financial income,

and results from equity-accounted investees. It excludes depreciation,

write-downs and amortization, as well as impairment and amortization of

excess values in equity-accounted investees. Yara’s definition of EBITDA

may differ from that of other companies.

EBITDA should not be considered as an alternative to operating income

and income before tax as an indicator of the company’s operations in

accordance with generally accepted accounting principles. Nor is EBITDA

an alternative to cash flow from operating activities in accordance with

generally accepted accounting principles.

Yara management uses CROGI (Cash Return On Gross Investment) to

measure performance. CROGI is defined as gross cash flow, divided by

average gross investment and is calculated on a 12-month rolling basis.

“Gross cash flow” is defined as EBITDA less total tax expense, exclud-

ing tax on net foreign exchange gains/ losses. On Yara level, actual tax

expense is used for the calculation while a standardized tax rate of 25%

is used on segment level. “Gross Investment” is defined as total assets

(exclusive of deferred tax assets, cash and cash equivalents, other liquid

assets and fair value adjustment recognized in equity) plus accumulated

depreciation and amortization, less all short-term interest-free liabilities,

except deferred tax liabilities. On segment level, cash and other liquid

assets are not excluded from “Gross Investment”.

ROCE (Return on capital employed) has been included as an additional

performance measure to CROGI to simplify benchmarking with other

companies. ROCE is defined as EBIT minus tax divided by average capital

employed and is calculated on a 12-month rolling average basis.

Capital employed is defined as total assets adjusted for deferred tax

assets minus other current liabilities.

In order to track underlying business developments from period to period,

Yara’s management also uses a variance analysis methodology, developed

within the Company (“Variance Analysis”), that involves the extraction of

financial information from the accounting system, as well as statistical and

other data from internal management information systems. Management

considers the estimates produced by the Variance Analysis, and the iden-

tification of trends based on such analysis, sufficiently precise to provide

useful data to monitor our business. However, these estimates should

be understood to be less than an exact quantification of the changes and

trends indicated by such analysis.

The variance analysis presented in Yara quarterly and annual financial

reports is prepared on a Yara EBITDA basis including net income from

equity-accounted investees. The volume, margin and other variances pre-

sented therefore include effects generated by performance in non-consoli-

dated investees.

Yara defines “special items” as material items in the results which are not

regarded as part of underlying business performance for the period. These

fall into 2 categories, namely “non-recurring items” and “contract deriva-

tives”. “Non-recurring items” comprise restructuring-related items

and other gains or losses which are not primarily related to the period in

which they are recognized, subject to a minimum value of NOK 30 million

per item within a 12-month period. “Contract derivatives” are commodi-

ty-based derivatives gains or losses (see above) which are not the result of

active exposure or position management by Yara.

Due to it being impractical to obtain financial reports at the same reporting

dates as Yara uses, the results for some of Yara’s equity-accounted invest-

ees are included in Yara results with a one-month time lag.


Special items

EBITDA effect Operating income effect

NOK millions 2Q 2015 2Q 2014 1H 2015 1H 2014 2Q 2015 2Q 2014 1H 2015 1H 2014

OFD integration costs (33) (23) (58) (41) (33) (23) (58) (41)

Bunge intregation costs - (12) - (42) - (12) - (42)

Partner settlement provision - 2 - (46) - 2 - (46)

Sale of minority shares Baltic - 56 - 56 - - - -

Total Downstream (33) 23 (58) (73) (33) (33) (58) (129)

Total Industrial - - - - - - - -

Costs related to flooding Ravenna plant (2) - (39) - (2) - (39) -

Impairment Lifeco plant - - (929) - - - (36) -

Lifeco results during shut-down - - - (90) - - - -

Tertre insurance compensation 55 - 55 - 55 - 55 -

Sale of energy efficiency certificates in Italy 89 - 89 - 89 - 89 -

Impairment Trinidad plant - - - - (31) - (31) -

Contract derivatives 15 19 57 (34) 15 19 57 (34)

Total Upstream 157 19 (766) (124) 126 19 96 (34)

Total Other and eliminations - - - - - - - -

Total Yara 124 42 (824) (197) 93 (14) 38 (163)

NOK millions, except share information Notes 2Q 2015 2Q 2014 1H 2015 1H 2014 2014

Revenue 27,723 23,264 55,407 45,027 95,047

Other income 5 218 17 253 22 293

Commodity based derivatives gain/(loss) (11) 28 37 (31) 2

Revenue and other income 3 27,929 23,309 55,697 45,018 95,343

Raw materials, energy costs and freight expenses (20,162) (17,127) (39,934) (33,340) (70,557)

Payroll and related costs (2,024) (1,595) (3,913) (3,113) (6,616)

Depreciation, amortization and impairment loss 5 (1,334) (1,035) (2,653) (2,058) (4,678)

Other operating expenses (853) (702) (1,650) (1,390) (3,186)

Operating costs and expenses (24,373) (20,459) (48,151) (39,901) (85,037)

Operating income 3 3,556 2,849 7,546 5,117 10,305

Share of net income in equity-accounted investees 4,6 152 171 (487) 362 786

Interest income and other financial income 128 170 252 280 550

Earnings before interest expense and tax (EBIT) 3,836 3,191 7,311 5,759 11,642

Foreign exchange gain/(loss) 342 124 (1,490) 202 (698)

Interest expense and other financial items (226) (220) (575) (459) (909)

Income before tax 3,952 3,095 5,246 5,502 10,035

Income tax expense (943) (717) (1,389) (1,241) (2,092)

Net income 3,009 2,378 3,857 4,260 7,944

Net income attributable to

Shareholders of the parent 2,916 2,285 3,645 4,058 7,625

Non-controlling interests 93 93 212 202 319

Net income 3,009 2,378 3,857 4,260 7,944

Earnings per share 1) 10.59 8.26 13.24 14.66 27.59

Weighted average number of shares outstanding 2) 2 275,270,079 276,544,365 275,373,298 276,796,238 276,385,013

1) Yara currently has no share-based compensation that results in a dilutive effect on earnings per share.2) Weighted average number of shares outstanding was reduced in the second and third quarter 2014 and second quarter 2015 due to the share buy-back program.


Condensed consolidated interim statement of incomeNOK millions, except share information Notes 2Q 2015 2Q 2014 1H 2015 1H 2014 2014

Revenue 27,723 23,264 55,407 45,027 95,047

Other income 5 218 17 253 22 293

Commodity based derivatives gain/(loss) (11) 28 37 (31) 2

Revenue and other income 3 27,929 23,309 55,697 45,018 95,343

Raw materials, energy costs and freight expenses (20,162) (17,127) (39,934) (33,340) (70,557)

Payroll and related costs (2,024) (1,595) (3,913) (3,113) (6,616)

Depreciation, amortization and impairment loss 5 (1,334) (1,035) (2,653) (2,058) (4,678)

Other operating expenses (853) (702) (1,650) (1,390) (3,186)

Operating costs and expenses (24,373) (20,459) (48,151) (39,901) (85,037)


Share of net income in equity-accounted investees 4,6 152 171 (487) 362 786

Interest income and other financial income 128 170 252 280 550

Earnings before interest expense and tax (EBIT) 3,836 3,191 7,311 5,759 11,642

Foreign exchange gain/(loss) 342 124 (1,490) 202 (698)

Interest expense and other financial items (226) (220) (575) (459) (909)

Income before tax 3,952 3,095 5,246 5,502 10,035

Income tax expense (943) (717) (1,389) (1,241) (2,092)

Net income 3,009 2,378 3,857 4,260 7,944

Net income attributable to


Non-controlling interests 93 93 212 202 319

Net income 3,009 2,378 3,857 4,260 7,944

Earnings per share 1) 10.59 8.26 13.24 14.66 27.59

Weighted average number of shares outstanding 2) 2 275,270,079 276,544,365 275,373,298 276,796,238 276,385,013

1) Yara currently has no share-based compensation that results in a dilutive effect on earnings per share.2) Weighted average number of shares outstanding was reduced in the second and third quarter 2014 and second quarter 2015 due to the share buy-back program.


Condensed consolidated interim statement of comprehensive incomeNOK millions Notes 2Q 2015 2Q 2014 1H 2015 1H 2014 2014

Net income 3,009 2,378 3,857 4,260 7,944

Other comprehensive income that may be reclassified to statement of income in subsequent periods:

Exchange differences on translation of foreign operations (976) 1,653 1,392 734 8,057

Available-for-sale financial assets - change in fair value (17) 9 (26) (22) (12)

Cash flow hedges 78 - 18 - (20)

Hedge of net investments 153 (90) (257) (42) (682)

Share of other comprehensive income of equity-accounted investees, excluding remeasurements 21 11 14 20 52

Net other comprehensive income that may be reclassified to statement of income in subsequent periods (740) 1,582 1,141 690 7,395

Other comprehensive income that will not be reclassified to statement of income in subsequent periods:

Remeasurements of the net defined benefit pension liability 9 918 (394) 726 (394) (1,026)

Remeasurements of the net defined benefit pension liability for equity-accounted investees 6 3 11 (2) (160)

Net other comprehensive income that will not be reclassified to statement of income in subsequent periods 924 (391) 737 (396) (1,186)

Reclassification adjustments of the period:

- cash flow hedges 1 3 2 7 13

- fair value adjustments on available-for-sale financial assets disposed of in the year - (16) - (16) (16)

- exchange differences on foreign operations disposed of in the year - - - - 8

Net reclassification adjustments of the period 1 (12) 3 (9) 4

Total other comprehensive income, net of tax 185 1,178 1,880 285 6,214

Total comprehensive income 3,193 3,556 5,737 4,545 14,157

Total comprehensive income attributable to


Non-controlling interests (9) 155 275 231 832

Total 3,193 3,556 5,737 4,545 14,157


NOK millions Notes 2Q 2015 2Q 2014 1H 2015 1H 2014 2014

Net income 3,009 2,378 3,857 4,260 7,944

Other comprehensive income that may be reclassified to statement of income in subsequent periods:

Exchange differences on translation of foreign operations (976) 1,653 1,392 734 8,057

Available-for-sale financial assets - change in fair value (17) 9 (26) (22) (12)

Cash flow hedges 78 - 18 - (20)

Hedge of net investments 153 (90) (257) (42) (682)

Share of other comprehensive income of equity-accounted investees, excluding remeasurements 21 11 14 20 52

Net other comprehensive income that may be reclassified to statement of income in subsequent periods (740) 1,582 1,141 690 7,395

Other comprehensive income that will not be reclassified to statement of income in subsequent periods:

Remeasurements of the net defined benefit pension liability 9 918 (394) 726 (394) (1,026)


Net other comprehensive income that will not be reclassified to statement of income in subsequent periods 924 (391) 737 (396) (1,186)

Reclassification adjustments of the period:

- cash flow hedges 1 3 2 7 13

- fair value adjustments on available-for-sale financial assets disposed of in the year - (16) - (16) (16)

- exchange differences on foreign operations disposed of in the year - - - - 8

Net reclassification adjustments of the period 1 (12) 3 (9) 4

Total other comprehensive income, net of tax 185 1,178 1,880 285 6,214

Total comprehensive income 3,193 3,556 5,737 4,545 14,157

Total comprehensive income attributable to


Non-controlling interests (9) 155 275 231 832

Total 3,193 3,556 5,737 4,545 14,157

Condensed consolidated interim statement of changes in equityNOK millions

Share Capital 1)

Premium paid-in capital

Translation of foreign

operations 3)

Available for sale financial assets

Cash flow

hedges

Hedge of net

investments

Total other

reservesRetained earnings

Attri-butable

to share-holders of the parent

Non-controlling interests

Total equity

Balance at 1 January 2014 471 117 1,887 30 (177) (122) 1,618 51,415 53,621 2,152 55,773

Net income - - - - - - - 4,058 4,058 202 4,260

Other comprehensive income, net of tax - - 705 (38) 7 (42) 632 (394) 238 29 268

Share of other comprehensive income of equity-accounted investees - - 1 - 15 - 15 2 17 - 17

Total other comprehensive income, net of tax - - 706 (38) 22 (42) 647 (392) 255 29 285

Long term incentive plan - - - - - - - 7 7 - 7

Transactions with non-controlling interests - - - - - - - (14) (14) 43 28

Redeemed shares, Norwegian State 2) (1) - - - - - - (210) (211) - (211)

Dividends distributed - - - - - - - (2,771) (2,771) (3) (2,773)

Balance at 30 June 2014 470 117 2,593 (8) (156) (164) 2,265 52,092 54,944 2,424 57,368

Net income - - - - - - - 3,567 3,567 117 3,683

Other comprehensive income, net of tax - - 6,846 10 (14) (640) 6,202 (633) 5,570 484 6,054

Share of other comprehensive income of equity-accounted investees - - 7 - 25 - 31 (157) (125) - (125)

Total other comprehensive income, net of tax - - 6,853 10 11 (640) 6,234 (789) 5,445 484 5,929

Long term incentive plan - - - - - - - (8) (8) - (8)

Transactions with non-controlling interests - - - - - - - 47 47 1,004 1,051

Treasury shares (1) - - - - - - (229) (230) - (230)

Share capital increase in subsidiary, non-controlling interest - - - - - - - - - 180 180

Dividends distributed - - - - - - - - - (13) (13)

Balance at 31 December 2014 468 117 9,445 3 (145) (804) 8,499 54,681 63,765 4,196 67,962

Net income - - - - - - - 3,645 3,645 212 3,857

Other comprehensive income, net of tax - - 1,329 (26) 20 (257) 1,066 726 1,792 63 1,855

Share of other comprehensive income of equity-accounted investees - - - - 14 - 14 11 25 - 25

Total other comprehensive income, net of tax - - 1,329 (26) 35 (257) 1,080 737 1,817 63 1,880

Long term incentive plan - - - - - - - 7 7 - 7

Transactions with non-controlling interests - - - - - - - (8) (8) (59) (67)

Redeemed shares, Norwegian State 4) (1) - - - - - - (127) (127) - (127)

Dividends distributed - - - - - - - (3,581) (3,581) (239) (3,821)

Balance at 30 June 2015 468 117 10,774 (23) (110) (1,062) 9,579 55,354 65,518 4,172 69,690

1) Par value 1.70.2) As approved by the General Meeting 5 May 2014.3) Hereof NOK 248 million cumulative translation of foreign operation classified as non-current assets held-for-sale as of 30 June 2015.4) As approved by the General Meeting 11 May 2015.


Condensed consolidated interim statement of financial positionNOK millions Notes 30 Jun 2015 30 Jun 2014 31 Dec 2014

Assets

Non-current assets

Deferred tax assets 2,415 2,086 2,804

Intangible assets 11,673 8,739 12,008

Property, plant and equipment 45,114 35,972 44,584

Equity-accounted investees 4,6 9,207 9,676 10,926

Other non-current assets 2,831 1,473 2,737

Total non-current assets 71,240 57,945 73,059

Current assets

Inventories 7 19,512 14,539 18,639

Trade receivables 12,738 9,746 12,100

Prepaid expenses and other current assets 3,381 3,764 4,196

Cash and cash equivalents 2,960 6,179 3,591

Non-current assets classified as held-for-sale 4 1,957 8 47

Total current assets 40,547 34,236 38,573

Total assets 111,787 92,181 111,632

NOK millions, except share information Notes 30 Jun 2015 30 Jun 2014 31 Dec 2014

Equity and liabilities

Equity

Share capital reduced for treasury stock 468 470 468

Premium paid-in capital 117 117 117

Total paid-in capital 585 587 586

Other reserves 9,579 2,265 8,499

Retained earnings 55,354 52,092 54,681

Total equity attributable to shareholders of the parent 65,518 54,944 63,765

Non-controlling interests 4,172 2,424 4,196

Total equity 2 69,690 57,368 67,962

Non-current liabilities

Employee benefits 9 3,013 2,659 3,897

Deferred tax liabilities 5,689 4,430 5,767

Other long-term liabilities 1,198 600 989

Long-term provisions 755 409 725

Long-term interest-bearing debt 8 9,577 5,871 10,609

Total non-current liabilities 20,232 13,969 21,987

Current liabilities

Trade and other payables 15,426 14,279 14,628

Current tax liabilities 1,379 1,502 1,060

Short-term provisions 316 347 348

Other short-term liabilities 885 1,060 843

Bank loans and other interest-bearing short-term debt 2,616 446 4,460

Current portion of long-term debt 1,243 3,211 345

Total current liabilities 21,865 20,845 21,683

Total equity and liabilities 111,787 92,181 111,632

Number of shares outstanding 1) 2 275,083,369 276,227,775 275,497,775

1) Weighted average number of shares outstanding was reduced in the second and third quarter 2014 and second quarter 2015 due to the share buy-back program.


NOK millions Notes 30 Jun 2015 30 Jun 2014 31 Dec 2014

Assets

Non-current assets

Deferred tax assets 2,415 2,086 2,804

Intangible assets 11,673 8,739 12,008

Property, plant and equipment 45,114 35,972 44,584

Equity-accounted investees 4,6 9,207 9,676 10,926

Other non-current assets 2,831 1,473 2,737

Total non-current assets 71,240 57,945 73,059

Current assets

Inventories 7 19,512 14,539 18,639

Trade receivables 12,738 9,746 12,100

Prepaid expenses and other current assets 3,381 3,764 4,196

Cash and cash equivalents 2,960 6,179 3,591

Non-current assets classified as held-for-sale 4 1,957 8 47

Total current assets 40,547 34,236 38,573

Total assets 111,787 92,181 111,632

Condensed consolidated interim statement of financial positionNOK millions, except share information Notes 30 Jun 2015 30 Jun 2014 31 Dec 2014

Equity and liabilities

Equity

Share capital reduced for treasury stock 468 470 468

Premium paid-in capital 117 117 117

Total paid-in capital 585 587 586

Other reserves 9,579 2,265 8,499

Retained earnings 55,354 52,092 54,681

Total equity attributable to shareholders of the parent 65,518 54,944 63,765

Non-controlling interests 4,172 2,424 4,196

Total equity 2 69,690 57,368 67,962

Non-current liabilities

Employee benefits 9 3,013 2,659 3,897

Deferred tax liabilities 5,689 4,430 5,767

Other long-term liabilities 1,198 600 989

Long-term provisions 755 409 725

Long-term interest-bearing debt 8 9,577 5,871 10,609

Total non-current liabilities 20,232 13,969 21,987

Current liabilities

Trade and other payables 15,426 14,279 14,628

Current tax liabilities 1,379 1,502 1,060

Short-term provisions 316 347 348

Other short-term liabilities 885 1,060 843

Bank loans and other interest-bearing short-term debt 2,616 446 4,460

Current portion of long-term debt 1,243 3,211 345

Total current liabilities 21,865 20,845 21,683

Total equity and liabilities 111,787 92,181 111,632

Number of shares outstanding 1) 2 275,083,369 276,227,775 275,497,775

1) Weighted average number of shares outstanding was reduced in the second and third quarter 2014 and second quarter 2015 due to the share buy-back program.






Oslo, 20 July 2015







Condensed consolidated interim statement of cash flowsNOK millions Notes 2Q 2015 2Q 2014 1H 2015 1H 2014 2014

Operating activities


Adjustments to reconcile operating income to net cash provided by operating activities

Depreciation, amortization and impairment loss 1,334 1,035 2,653 2,058 4,678

Write-down and reversals, net 72 (3) 181 13 53

Tax paid 1) (865) (972) (1,495) (1,789) (2,378)

Dividend from equity-accounted investees 4 11 26 459 578 1,322

Change in net operating capital 2) (258) 1,385 (1,001) 862 (3,827)

Other (131) (741) 789 (865) (1,546)

Net cash from operating activities 3,719 3,579 9,132 5,974 8,607

Investing activities

Purchases of property, plant and equipment (1,704) (1,531) (3,637) (2,953) (7,020)

Cash outflow on business combinations (56) (82) (56) (375) (2,280)

Purchases of other long-term investments (188) (65) (275) (125) (524)

Proceeds from sales of property, plant and equipment 61 4 67 7 26

Proceeds from sales of other long-term investments 122 94 141 95 98

Net cash from/(used in) investing activities (1,765) (1,580) (3,760) (3,352) (9,700)

Financing activities

Loan proceeds/(repayments), net 754 (35) (2,338) (707) 662

Purchase of treasury shares - - - - (230)

Redeemed shares Norwegian State - - - - (211)

Dividend 2 (3,396) (2,606) (3,396) (2,606) (2,771)

Net cash transfers (to)/from non-controlling interests (240) (5) (290) (5) 163

Net cash from/(used in) financing activities (2,882) (2,645) (6,025) (3,318) (2,387)

Foreign currency effects on cash flows (92) 56 21 50 246

Net increase (decrease) in cash and cash equivalents (1,020) (591) (632) (645) (3,233)

Cash and cash equivalents at beginning of period 3,980 6,770 3,591 6,824 6,824

Cash and cash equivalents at end of period 2,960 6,179 2,960 6,179 3,591

Bank deposits not available for the use of other group companies 395 514 463

1) Profit attributable to foreign shareholder (Yara) is subject to tax in Qatar. The tax is paid by Qafco, but refunded by Yara. Tax paid to Qatar was NOK 334 million in second quarter 2015 (NOK 349 million in second quarter 2014).2) Operating capital consists of trade receivable, inventories and trade payable.


NOK millions Notes 2Q 2015 2Q 2014 1H 2015 1H 2014 2014

Operating activities


Adjustments to reconcile operating income to net cash provided by operating activities

Depreciation, amortization and impairment loss 1,334 1,035 2,653 2,058 4,678

Write-down and reversals, net 72 (3) 181 13 53

Tax paid 1) (865) (972) (1,495) (1,789) (2,378)

Dividend from equity-accounted investees 4 11 26 459 578 1,322

Change in net operating capital 2) (258) 1,385 (1,001) 862 (3,827)

Other (131) (741) 789 (865) (1,546)

Net cash from operating activities 3,719 3,579 9,132 5,974 8,607

Investing activities

Purchases of property, plant and equipment (1,704) (1,531) (3,637) (2,953) (7,020)

Cash outflow on business combinations (56) (82) (56) (375) (2,280)

Purchases of other long-term investments (188) (65) (275) (125) (524)

Proceeds from sales of property, plant and equipment 61 4 67 7 26

Proceeds from sales of other long-term investments 122 94 141 95 98

Net cash from/(used in) investing activities (1,765) (1,580) (3,760) (3,352) (9,700)

Financing activities

Loan proceeds/(repayments), net 754 (35) (2,338) (707) 662

Purchase of treasury shares - - - - (230)

Redeemed shares Norwegian State - - - - (211)

Dividend 2 (3,396) (2,606) (3,396) (2,606) (2,771)

Net cash transfers (to)/from non-controlling interests (240) (5) (290) (5) 163

Net cash from/(used in) financing activities (2,882) (2,645) (6,025) (3,318) (2,387)

Foreign currency effects on cash flows (92) 56 21 50 246

Net increase (decrease) in cash and cash equivalents (1,020) (591) (632) (645) (3,233)

Cash and cash equivalents at beginning of period 3,980 6,770 3,591 6,824 6,824

Cash and cash equivalents at end of period 2,960 6,179 2,960 6,179 3,591

Bank deposits not available for the use of other group companies 395 514 463

1) Profit attributable to foreign shareholder (Yara) is subject to tax in Qatar. The tax is paid by Qafco, but refunded by Yara. Tax paid to Qatar was NOK 334 million in second quarter 2015 (NOK 349 million in second quarter 2014).2) Operating capital consists of trade receivable, inventories and trade payable.

Notes to the condensed consolidated interim financial statements

GENERAL AND ACCOUNTING POLICIES

Yara (the Group) consists of Yara International ASA (the Company) and its

subsidiaries. Yara International ASA is a limited company incorporated in

Norway.

The condensed consolidated interim financial statements consist of the

Group and the Group’s interests in equity-accounted investees. The con-

solidated financial statements of the Group as at and for the year ended 31

December 2014 are available upon request from the Company’s registered

office at Drammensveien 131, Oslo, Norway or at www.yara.com. These

condensed consolidated interim financial statements have been prepared

in accordance with International Financial Reporting Standard (IFRS) IAS

34 Interim Financial Reporting as approved by EU and additional require-

ments in the Norwegian Securities Trading Act. They do not include all of

the information required for full annual consolidated financial statements,

and should be read in conjunction with consolidated financial statements

of the Group as at and for the year ended 31 December 2014. These con-

densed consolidated interim financial statements are unaudited.

The accounting policies applied by the Group in these condensed consol-

idated interim financial statements are the same as those applied by the

Group in its consolidated financial statements as at and for the year ended

31 December 2014.

As a result of rounding differences, numbers or percentages may not add

up to the total.

Judgments, estimates and assumptions

The preparation of condensed consolidated interim financial statements in

accordance with IFRS and applying the chosen accounting policies requires

management to make judgments, estimates and assumptions that affect the

reported amounts of assets, liabilities, income and expenses. The estimates

and associated assumptions are based on historical experience and various

other factors that are believed to be reasonable under the circumstances.

Actual results may differ from these estimates. The estimates and the under-

lying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognized in the period in which the estimate is revised if the

revision affects only that period or in the period of the revision and future

periods if the revision affects both current and future periods. When preparing

these condensed consolidated interim financial statements, the significant

judgments made by management in applying the Group’s accounting policies

and the key sources of estimation uncertainty, were mainly the same as those

that applied to the consolidated financial statements as of the period ended 31

December 2014. Yara performed a significant impairment write-down in first

quarter 2015 and further information is provided in note 6.

Note 1


Shares, dividend and share buy-back program

The Annual General Meeting in May 2015 approved a dividend for 2014 of

NOK 3,581 million (NOK 13 per share). During second quarter 2015, Yara has

paid out NOK 3,396 million. Remaining amount is expected to be paid out in

third quarter 2015.

In May 2014, the Annual General Meeting authorized the Board of Directors

to acquire up to 5% (13,811,388 shares) of total shares in the open market

and from the Norwegian State. The purchase price shall not be less than NOK

10 nor more than NOK 1,000. Within this frame, the Company has acquired

730,000 shares with a total nominal value of NOK 229,6 million. In May

2015, the Annual General Meeting approved the cancellation of 730,000 of

the Company’s own shares and the redemption of 414,406 shares owned by

the Norwegian State for a consideration of NOK 130 million. The payment to

the Norwegian State will take place in the third quarter 2015. The number of

shares in the company is consequently reduced to 275,083,369.

In May 2015, the Annual General Meeting approved that the existing buy-

back program is replaced by a new program, authorizing the Board to acquire

up to 5% (13,754,168 shares) of Yara’s shares before the next Annual General

Meeting. Shares may be purchased within a price range of NOK 10 to NOK

1,000. The shares may either be used for cancellation or as payment in busi-

ness transactions. Yara has renewed its agreement with the Norwegian State

according to which the State’s shares will be redeemed on a pro-rata basis to

ensure the State’s ownership is unchanged in the event of a cancellation of

the shares bought back.

Yara has not purchased own shares during 2015.

Ordinary shares Own shares 1)

Total at 31 December 2013 278,500,910 (1,450,000)

Redeemed shares Norwegian State 2) (823,135)

Shares cancelled 2) (1,450,000) 1,450,000

Treasury shares - share buy-back program 2) (730,000)

Total at 31 December 2014 276,227,775 (730,000)

Redeemed shares Norwegian State 3) (414,406)

Shares cancelled 3) (730,000) 730,000

Total at 30 June 2015 275,083,369 -

1) Including employee trust. 2) As approved by the General Meeting 5 May 20143) As approved by the General Meeting 11 May 2015

Operating segment information

As of 1 January 2015, Yara transferred seven plants from the Downstream and Industrial segments to the Upstream segment. These plants have

historically been included in Downstream and Industrial as they have mainly served the local markets. The transfer is reflecting that Upstream has the

operational responsibility of the plants.

Plants transferred from Downstream are: Montoir (France), Ambes (France), Ravenna (Italy), Rostock (Germany) and Glomfjord (Norway). Plants trans-

ferred from Industrial are: Pardies (France) and Köping (Sweden). Total property, plant and equipment transferred to Upstream is NOK 2,974 million, of

which NOK 2,466 million transferred from Downstream and NOK 508 million transferred from Industrial.

It has not been practically possible to restate the 2014 comparative figures on segment level as this would require implementation of transfer pricing

on historical transactions. Instead, Yara will present two sets of 2015 segment figures based on the new and the previous segment structure. The 2015

figures based on previous segment structure will then be comparable with prior year figures.

Note 2

Note 3


NOK millions

New segment structure

2Q 2015

Previous segment structure

2Q 2015 1)

Previous segmentstructure

2Q 2014


1H 2015


1H 2015 1)


1H 2014


2014

External revenue and other income

Downstream 20,912 20,921 17,245 41,443 41,511 33,993 71,494

Industrial 4,177 4,214 3,619 8,465 8,560 7,024 14,928

Upstream 2,821 2,775 2,446 5,735 5,623 3,990 8,874

Other and eliminations 19 19 (1) 53 3 11 46

Total 27,929 27,929 23,309 55,697 55,697 45,018 95,343

Internal revenue and other income

Downstream 276 481 415 506 890 833 1,724

Industrial 32 50 28 55 93 66 164

Upstream 10,144 8,934 7,582 22,530 19,163 15,241 31,976

Other and eliminations (10,452) (9,465) (8,025) (23,091) (20,145) (16,139) (33,864)

Total - - - - - - -

Revenue and other income

Downstream 21,188 21,402 17,659 41,950 42,401 34,826 73,219

Industrial 4,209 4,264 3,648 8,520 8,652 7,090 15,092

Upstream 12,965 11,709 10,028 28,266 24,786 19,231 40,850

Other and eliminations (10,433) (9,446) (8,026) (23,038) (20,143) (16,129) (33,819)

Total 27,929 27,929 23,309 55,697 55,697 45,018 95,343

Operating income

Downstream 1,276 1,239 1,159 2,854 2,508 2,675 4,488

Industrial 259 272 280 602 589 567 973

Upstream 1,921 1,973 1,630 4,364 4,823 2,347 5,856

Other and eliminations 100 72 (220) (274) (374) (472) (1,011)

Total 3,556 3,556 2,849 7,546 7,546 5,117 10,305

EBITDA

Downstream 1,572 1,629 1,525 3,415 3,258 3,317 5,991

Industrial 335 367 365 749 776 731 1,385

Upstream 3,133 3,071 2,498 6,017 6,247 4,144 9,871

Other and eliminations 139 112 (162) (208) (308) (374) (840)

Total 5,179 5,179 4,227 9,973 9,973 7,818 16,407

Investments 2)

Downstream 239 304 (1,160) 746 3,143

Industrial 57 173 (395) 390 766

Upstream 1,535 1,207 4,996 1,956 9,326

Other and eliminations 73 71 74 112 176

Total 1,905 1,754 3,514 3,203 13,411

Total Assets 3)

Downstream 35,870 35,870 29,195 37,551

Industrial 6,053 6,053 5,633 6,860

Upstream 69,724 69,724 51,543 64,897

Other and eliminations 140 140 5,811 2,323

Total 111,787 111,787 92,181 111,632

1) With effect from 1 January 2015, Yara has moved plants in France, Germany, Italy and Sweden from the Downstream and Industrial segments to the Upstream segment. Figures for Q2 2015 and 1H 2015 in the table are presented both according to the new segment structure and the previous segment structure. The figures presented as previous segment structure Q2 2015 and 1H 2015 are directly comparable to Q2 2014 and 1H 2014 figures respectively.

2) Investments comprise property, plant and equipment, intangible assets, equity-accounted investees and other equity investments. The figures presented are capitalized amounts, and may deviate from cash flow from investing activities due to timing of cash outflows.

3) Assets exclude internal cash accounts and accounts receivables related to group relief.


NOK millions


2Q 2015


2Q 2015 1)


2Q 2014


1H 2015

Previous segment

structure 1H 2015 1)


1H 2014


2014

CROGI (12-month rolling average)

Yara 2) 13.2% 13.2% 11.6% 13.3%

Downstream 17.9% 15.6% 17.0% 18.1%

Industrial 18.8% 16.3% 17.2% 16.9%

Upstream 11.4% 12.1% 9.0% 11.5%

ROCE (12-month rolling average)

Yara 2) 12.8% 12.8% 11.0% 13.3%

Downstream 17.2% 15.1% 18.1% 18.5%

Industrial 21.2% 19.1% 22.2% 20.2%

Upstream 10.5% 11.5% 6.8% 10.8%

Reconciliation of EBITDA to Income before tax

EBITDA 5,179 5,179 4,227 9,973 9,973 7,818 16,407

Depreciation, amortization and impairment loss 3) (1,343) (1,343) (1,036) (2,663) (2,663) (2,059) (4,766)

Foreign exchange gain/(loss) 342 342 124 (1,490) (1,490) 202 (698)

Interest expense and other financial items (226) (226) (220) (575) (575) (459) (909)

Income before tax 3,952 3,952 3,095 5,246 5,246 5,502 (10,035)

1) With effect from 1 January 2015, Yara has moved plants in France, Germany, Italy and Sweden from the Downstream and Industrial segments to the Upstream segment. Figures for Q2 2015 and 1H 2015 in the table are presented both according to the new segment structure and the previous segment structure. The figures presented as previous segment structure Q2 2015 and 1H 2015 are directly comparable to Q2 2014 and 1H 2014 figures respectively.

2) Cash and other liquid assets are included in gross investments and capital employed when calculating CROGI and ROCE respectively for the segments, but not included for total Yara. In addition, actual Yara tax is used for calculating CROGI and ROCE for Yara while a standardized tax rate of 25% is used for the segments. These two effect explain the variance in CROGI and ROCE between Yara and the segments. See page 11 “Definitions and variance analysis” for more information.

3) Including amortization of excess value in equity-accounted investees.


Reconciliation of operating income to EBITDA

NOK millionsOperating

incomeEquity-accounted

investees

Interest income and other

financial income EBIT

Depreciation, amortization and

impairment loss 1) EBITDA

New segment structure 2Q 2015 2)

Downstream 1,276 40 86 1,402 170 1,572

Industrial 259 26 1 286 49 335

Upstream 1,921 87 23 2,031 1,102 3,133

Other and eliminations 100 - 17 117 22 139

Total 3,556 152 128 3,836 1,343 5,179

Previous segment structure 2Q 2015

Downstream 1,239 40 86 1,365 264 1,629

Industrial 272 26 1 299 68 367

Upstream 1,973 87 23 2,083 989 3,071

Other and eliminations 72 - 17 90 22 112

Total 3,556 152 128 3,836 1,343 5,179

Previous segment structure 2Q 2014

Downstream 1,159 41 136 1,336 189 1,525

Industrial 280 23 2 305 60 365

Upstream 1,630 108 2 1,740 758 2,498

Other and eliminations (220) - 30 (190) 29 (162)

Total 2,849 171 170 3,191 1,036 4,227

New segment structure 1H 2015 2)

Downstream 2,854 33 190 3,077 338 3,415

Industrial 602 45 3 651 98 749

Upstream 4,364 (566) 40 3,838 2,179 6,017


Total 7,546 (487) 252 7,311 2,663 9,973

Previous segment structure 1H 2015

Downstream 2,508 33 190 2,731 528 3,258

Industrial 589 45 3 637 138 776

Upstream 4,823 (566) 40 4,297 1,950 6,247


Total 7,546 (487) 252 7,311 2,663 9,973

Previous segment structure 1H 2014

Downstream 2,675 40 226 2,941 377 3,317

Industrial 567 44 3 615 116 731

Upstream 2,347 278 4 2,630 1,515 4,144


Total 5,117 362 280 5,759 2,059 7,818

Previous segment structure 2014

Downstream 4,488 53 457 4,998 993 5,991

Industrial 973 96 8 1,076 309 1,385

Upstream 5,856 638 16 6,510 3,361 9,871

Other and eliminations (1,011) - 69 (942) 102 (840)

Total 10,305 786 550 11,642 4,766 16,407

1) Including amortization of excess value in equity-accounted investees. 2) With effect from 1 January 2015, Yara has moved plants in France, Germany, Italy and Sweden from the Downstream and Industrial segments to the Upstream segment. Figures for Q2 2015 and 1H

2015 in the table are presented both according to the new segment structure and the previous segment structure. The figures presented as previous segment structure Q2 2015 and 1H 2015 are directly comparable to Q2 2014 and 1H 2014 figures respectively.


Business initiatives

SALE OF YARA’S STAKE IN GROWHOW UK

Yara announced on 1 July 2015 that it has agreed with CF Industries to

sell its stake in GrowHow UK Group Limited (“GrowHow UK”) for a total

enterprise value (50% basis) of USD 648 million, of which USD 68

million relates to an unfunded pension liability. Yara and CF Industries

have each owned 50% of GrowHow UK since 2007 and 2010 respec-

tively. GrowHow UK has two production sites in Ince and Billingham with

a total production capacity of approximately 0.8 million tons of ammonia,

1.1 million tons of ammonium nitrate and 0.5 million tons of compound

NPK. With limited export possibilities, GrowHow UK primarily serves the

UK fertilizer market. The investment in GrowHow UK has been accounted

for based on the equity method. At the end of second quarter 2015, Yara

reclassified the investment to non-current asset held-for-sale where it will

be held at the lowest of carrying value and fair value until closing.

The sale is expected to generate a tax free gain to be reported as “other

income” within operating income of approximately NOK 3 billion, calcu-

lated based on June figures. This includes a cumulative foreign exchange

gain of NOK 248 million recognized in other comprehensive income

during the ownership period which will be recognized in the statement of

income at closing. The gain will be impacted by changes to the net debt,

net working capital and currency rates until closing. The completion of

the transaction will be effective 31 July 2015.

GrowHow UK is included in Yara’s statements with the following amounts

NOK millions 2Q 2015 2Q 2014 1H 2015 1H 2014 2014

Statement of income:

Share of net income in equity-accounted investees 7 22 131 74 232

Statement of other comprehensive income

Exchange differences on translation of foreign operations 50 80 116 69 248


Statement of changes in equity

Translation of foreign operations (cumulative closing balance) 248 (48) 131

Statement of financial position:

Equity-accounted investees - 1,687 1,583

Non-current assets held-for-sale 1,842 - -

Statement of cash flows:

Dividend from equity-accounted investees - - - - 285

OTHER INITIATIVE

On 19 February 2015, Yara announced that it has agreed with BASF to

build a world scale ammonia plant in Texas. The ammonia plant will be

owned 68% by Yara and 32% by BASF. The plant will have a capacity of

about 750,000 metric tons per year. Each party will off-take ammonia

from the plant in accordance with its equity share. Total capital investment

for the plant is estimated to USD 600 million. The feedstock contracts

have take-or-pay clauses, partly supported by guarantees from Yara and

BASF. The total take-or-pay commitment on Yara’s share is USD 488

million (undiscounted). In addition, Yara will build an ammonia tank at

the BASF terminal bringing Yara’s total investments to USD 490 million.

BASF will upgrade its current terminal and pipeline assets. KBR, Inc.,

Houston, Texas, has been awarded a fixed price turnkey contract for the

engineering, procurement and construction. The plant is expected to be

completed by the end of 2017. Yara will manage construction of the plant

while BASF will operate the plant and the export terminal. The entity is

classified as a joint operation and Yara accounts for the assets, liabilities,

revenues and expenses relating to its 68% interest in the investment.

Note 4


Specifications to the condensed consolidated interim statement of income

Other income

During the second quarter 2015, Yara sold energy efficiency certificates in Italy with a gain of NOK 89 million and recognized an insurance compensation

related to the Tertre plant of NOK 55 million. Remaining amount of other income is mainly related to gain from sale of property, plant and equipment and

various insurance settlements.

Depreciation, amortization and impairment loss

NOK millions 2Q 2015 2Q 2014 1H 2015 1H 2014 2014

Depreciation of property, plant and equipment (1,096) (887) (2,201) (1,767) (3,738)

Impairment loss property, plant and equipment (54) - (58) (1) (222)

Reversal of impairment loss property, plant and equipment 12 - 12 - 12

Total depreciation and impairment loss property, plant and equipment (1,138) (886) (2,246) (1,767) (3,948)

Amortization of intangible assets (198) (149) (408) (290) (622)

Impairment loss intangible assets 1 - 1 (1) (107)

Total amortization and impairment loss intangible assets (196) (149) (407) (291) (729)

Total depreciation, amortization and impairment loss (1,334) (1,035) (2,653) (2,058) (4,678)

Included in impairment loss on property plant and equipment for second quarter 2015 is a NOK 31 million impairment of Yara’s plant in Trinidad.

Impairment write-down of Lifeco

At the end of the first quarter 2015, Yara made an impairment write-down

of its investment in the equity-accounted investee Lifeco of NOK 893

million and impaired its receivables against the same company of NOK 36

million, all reported within the Upstream segment. The impairments were

triggered by the worsening security outlook in Libya and that Yara sees

a high likelihood of a further deterioration in 2015 of Lifeco’s operating

ability. Yara is evaluating the operation of the plants on an on-going basis

in cooperation with the other partners, in order to protect the employees

as well as the assets. Lifeco produced at less than 50% capacity during

the quarter and Yara’s share of net income was a negative NOK 49

million in second quarter and NOK 111 million on a year-to-date basis. The

impairment of the investment is reported under “Share of net income in

equity-accounted investees” in the interim statement of income and Yara’s

remaining carrying value is NOK 88 million at the end of second quarter

2015. If and when Yara sees improvements to the political situation and

outlook in Libya and to Lifeco’s operating conditions, parts or the whole

impairment will be reversed.

Inventories

NOK millions 30 Jun 2015 30 Jun 2014 31 Dec 2014

Finished goods 9,253 6,088 10,085

Work in progress 745 667 707

Raw materials 9,513 7,784 7,847

Total 19,512 14,539 18,639

Write-down

Balance at 1 January (92) (103) (103)

Reversal/(write-down), net (7) 13 18

Foreign currency translation 2 - (7)

Closing balance (98) (89) (92)

Note 5

Note 6

Note 7


Long-term debt

Contractual payments on long-term debt

NOK millions Debentures Bank LoansCapital lease and

other LT loans Total

2016 - 102 813 915

2017 - 138 51 189

2018 - 137 42 180

2019 6,101 122 41 6,263

Thereafter 1,269 471 290 2,030

Total 7,370 969 1,237 9,577

There have been no significant changes in Yara’s long-term interest bearing debt profile during the second quarter.

Employee benefits

By the end of the second quarter 2015, the defined benefit obligations and

plan assets have been remeasured using revised financial assumptions in

order to capture the main developments in the financial markets. The net

remeasurement gain in second quarter is recognized as a reduction to the

employee benefit liability with NOK 1,218 million. The corresponding pos-

itive effect in other comprehensive income is NOK 918 million (after tax).

Year-to-date reduction to the employee benefit liability is NOK 944 million

and the positive effect in other comprehensive is NOK 726 million (after

tax). The main reason for the reduced obligation is increased discount rates

in the Euro zone and in the UK of approximately 0.5% points on a year-

to-date basis. Full actuarial valuations of all long-term employee benefit

obligations will be recognized in the fourth quarter 2015.

Post balance sheet event

Yara has agreed with CF Industries to sell its stake in GrowHow UK with closing on 31 July 2015. See note 4 for more information.

Note 8

Note 9

Note 10


Quarterly historical information

EBITDA

NOK millions


2Q 2015

Previoussegment structure

2Q 2015 1)


1Q 2015


1Q 2015 1)


4Q 2014


3Q 2014


2Q 2014


1Q 2014

Downstream 1,572 1,629 1,843 1,629 1,211 1,463 1,525 1,792

Industrial 335 367 414 409 235 420 365 365

Upstream 3,133 3,071 2,884 3,176 3,434 2,293 2,498 1,646

Other and eliminations 139 112 (347) (419) (254) (212) (162) (213)

Total 5,179 5,179 4,794 4,794 4,625 3,964 4,227 3,591

1) As of 1 January 2015, Yara has moved plants in France, Germany, Italy and Sweden from the Downstream and Industrial segments to the Upstream segment. Figures for Q1 and Q2 2015 in the table are presented both according to the new segment structure and the previous segment structure. The figures presented as previous segment structure Q1 and Q2 2015 are comparable to Q1 and Q2 2014 figures.

RESULTS

NOK millions, except per share information 2Q 2015 1Q 2015 4Q 2014 3Q 2014 2Q 2014 1Q 2014

Revenue and other income 27,929 27,767 26,230 24,095 23,309 21,709

Operating income 3,556 3,990 2,688 2,501 2,849 2,268

EBITDA 5,179 4,794 4,625 3,964 4,227 3,591

Net income after non-controlling interests 2,916 729 1,860 1,707 2,285 1,773

Earnings per share (NOK) 10.59 2.65 6.74 6.18 8.26 6.40

USD 1) millions, except per share information 2Q 2015 1Q 2015 4Q 2014 3Q 2014 2Q 2014 1Q 2014

Revenue and other income 3,602 3,583 3,817 3,859 3,898 3,565

Operating income 458 514 392 401 477 373

EBITDA 667 622 671 635 708 590

Net income after non-controlling interests 373 99 233 274 383 292

Earnings per share (USD) 1.36 0.36 0.85 0.99 1.38 1.05

1) USD numbers are calculated monthly based on average NOK/USD per month.


Responsibility statement

We confirm to the best of our knowledge, that the condensed set of

interim consolidated financial statements at 30 June 2015 and for the six-

month period 1 January to 30 June 2015 have been prepared in accordance

with IAS 34 “Interim Financial Reporting” and give a true and fair view

of the Group’s assets, liabilities, financial position and the result for the

period viewed in their entirety, and that the interim management report in

accordance with the Norwegian Securities Trading Act section 5-6 fourth

paragraph includes a fair review of any significant events that arose during

the six-month period and their effect on the half-year financial report, any

significant related parties transactions, and a description of the principal

risks and uncertainties for the remaining six months this year.






Oslo, 20 July 2015







Notes


Yara International ASADrammensveien 131NO–0277 OsloNorwayTel: +47 24 15 70 00Fax: +47 24 15 70 01

www.yara.com

Des

ign:

Art

box

AS

, P

rint

: P

rint

box

AS

2015 07-29 - Yara International ASA Q2 2015 Report

Investor Relations

Transcript of 2015 07-29 - Yara International ASA Q2 2015 Report